CW Mod NACA, a Success Story Twice !!

[tandknix]

I know the feeling Alikeith! We have been taking these last few months to catch up. We are going to start saving what we can now because NACA says we will need a down payment when/if they accept their terms and we don't know how much that will be.

[alikeith]

So the mods thru NACA must be different then?? Countrywide has never requested any down payment on a mod when i previously had one.

[tandknix]

Yeah, NACA doesn't do loan mods. They actually do a loan restructure. From what I am understanding they only do 30 year fixed. They prefer you to make your payments as you wait, but by the time we got to them we were so far behind and had tried working with CW first. There was no way we could make them up. PLUS we simply CAN'T. So they told us to save what we could because sometimes CW will require a down payment. I am assuming this is like a good faith payment or some such thing.

NACA basically does all the work for CW. They gather all your income verification and information. What they do from there is what I think EVERY lender should do. They write down your income and take your expenses each month out of that (not including the house payment). What is left is what you can afford. For example:

4,000 income
- 550 utilities
- 350 car payments
- 150 car insurance
- 800 food
- 200 savings
- 400 gas
- 100 credit card
- 150 cell phone
- 40 internet
- 200 entertainment
1060 Remaining

NACA considers that $1060 to be the highest possible payment you can make. You CAN'T afford anything higher. They take that amount and figure what percentage that is of your loan. So if your loan is $160,000 you can only afford a percentage rate that will give you a monthly payment of $1060 OR less...they include the taxes and insurance into this if yours is escrowed.

We have been told numerous times that CW works with NACA very well because they have some sort of agreement with them. This is the only reason we are really wanting to wait to hear back from CW to see if they accept or deny us.

[gray517]

I too have a naca submission pending, but here is the problem, I spoke with naca today via the online chat, the rep @ naca told me a 4th update request was sent to CW (CW has not replied to any of them) we started with naca in sept and my file was submitted to cw by naca on 10/6, at that time i was told 30 days for cw to respond with an approval or not, then in nov told 30-60 days, today i was told 120 days, from october that would be february, do not want to wait that long. the agreement CW has with Naca is only to accept thier submission and look at their proposal but they do not have to approve it. I want to save my home and will take first offer I get, if i can afford it. Also no one at naca has ever mentioned coming up with any money for the modication and the 12/1 details say that there would be no fees charged for the mods

[tandknix]

Gray,

They told me upfront when we started the program at NACA that it would be 60-90 days. They told me over the phone the other day it could be 120 because of all the people needed CW help right now. They said to get it done any faster would take a miracle.

I know how you feel about waiting. It's hard...and it stinks. I think this is how CW wants us to feel so that when we do finally get a loan mod we will be too excited to tell them NO! I am afraid if we sign this and send it in we won't be able to keep up with in in a few months. It is so close to being unaffordable for us.

[tandknix]

GRAY! Go read my last post: NACA/CW Success Yippee!!!

[gray517]

YAHOO!!!!! CW accepted Naca Proposal!

After reading of tandknix success from naca, I called Naca for an update on my account. Guess what, CW approved the Naca Proposal. new fixed rate of 6% for the life of the loan and payments we can now afford on 1 income. I am so excited, thank you loansafe and *** for your guidance and support. I know its not done and true success untill papers signed, but now I can sleep tonight. papers were sent out by CW for us to sign yesterday. will keep everyone posted on progress until *** can move my thread to the success forum.

[tandknix]

SEE GRAY!!! We can do the happy dance TOGETHER!!! SWEEET!!!

[kateistired]

I am so happy for you! That is wonderful news

[ARMtoreset]

Gray517 and Tandknix,
Congratulations to you both. I have been reviewing your posts from the time you started-trying to follow along. I have signed up for the NACA workshop 1/24/09. Hopefully I am starting the process early enough.
Would you both mind summarizing your experiences, anything you would have done differently or tips. This would be greatly be appreciated by those of us who hoped to be in your shoes... Thanks.

[gray517]

ARM

My submission was online and my couseling appointment was over the phone. make sure you take 2 months of paystubs, bank statements, your mortgage statement, tax and insurance info as well as a list of your other monthly obligations with you. If I could have done anything different would have been started the process earlier, when I first lost my job, instead of contacting CW first. Also come up with a back up plan in case naca can't help you. Me and tandknix, where both trying to work with CW for a modification as well as naca so we had backup plans. Good Luck!

[ARMtoreset]

Gray,
Thanks, I appreciate the help. I hate talking to Countrywide because they say they can't help me and to wait until September - that's when my ARM is to reset!

[gray517]

arm
if you can get in sooner to do the naca thing, you should as it took 60 days for us to get an answer, I actually submitted online and had a phone counseling session, you may want to look into doing this or at least see if you can do an online submission to get things started quicker.

[tandknix]

I would go ahead and get together with NACA ARM. Explain to them what is going on like we did. They will work with CW on your behalf to get you a fixed rate before September.

[gray517]

waitin' on the docs to get here I have no patience, used em all up on my son, lol! who is back home to finish college locally since I lost my job.

[gray517]

***
can you please change the name of my thread see my last post above, i tried to do it.

[gray517]

***
I have a question for you, since they are taking the past due payments (which include taxes and insurance) and tacking them on to the loan balance, then shouldn't they put 6 months worth of escrow payments back into the escrow account? my escrow account is negative since they paid my taxes in nov. and if i have to catch that up, it seems then that I am paying escrow twice, thank you for your all your help in keeping my sanity!

[Moe Bedard]

For that you would need to ask for an escrow analysis.............they will give you one every year, but if they paid out your taxes then they will usually send one to show the payment made and the escrow as it is now.

[gray517]

thanks
I was just thinking that if they tack on 6 full payments to end of loan, those 6 payments include $300 in each one for escrow, they should put that $1800 in my escrow account

[gray517]

I just got off the phone with Naca (hint: best time to call is at 9 am) They confirmed the approval and even sent me an email regarding the terms that CW approved new fixed rate of 6% for the life of the loan. The bad news is the docs were not sent out on 12/10 as they previously said. She is not sure about the date they will be sent out to us, but told me CW is taking 2-3 weeks to get the mods out (at least the ones through naca) So I happy but still skeptical, as CW has been know to speak out the side of thier mouth and say one thing but do something totally different , until I have the mod in hand and it has the agreed upon terms, will still be anxious. Now the waiting part again! I have no patience left!

[gray517]

ok just spoke to naca, still waiting on the mod docs that are coming from cw. the rep at naca is going to email cw and find out what's going on, he again verified the approval, when I told him cw doesn't know which end is up and depending on who you speak with you may be or may not be really approved, he was reassuring and told me not to worry as they have an approval and will follow up with cw, so here I am waiting again at least this time its for docs.

[gray517]

I contacted naca last week for an update, we got a verbal approval of the naca proposal on 12/12, but no docs and was starting to get that anxious feeling in the pit of my stomach. I just got an update via email from my naca negotiator/underwriter that explains the cw mod proposal (we were told about this proposal verbally on 12/12) it is still 6% fixed for the life of the loan, whew! knowing how cw often changes things and speaks out the side of thier mouths, was worried about the terms changing. She accepted the proposal on our behalf and told cw to go ahead and send out the mod docs, but it could be another 2 weeks before we actually get them . That would make the total wait time for docs 6 weeks, while I am happy with the news, still a little skeptical until I actually have the mod docs in hand and they contain the same terms naca and cw have stated. Will go back to playing the waiting game, again . Naca does work! the process takes some time 60-90 days, but it is not actually any slower than dealing with CW directly.

[tandknix]

Gray,

I can't wait for you to get yours! We got ours on Friday finally, but they were dated NOVEMBER 18!!! I couldn't believe it! Someone had marked through the original return date and written in December 10th...THEN marked through the 10 and put 28! Shesh! Be ready because although they didn't ask for anything down from us our first payment is due Jan 1 which is Thursday! This jibs with the November 18 date!!!

[gray517]

quick update, I am still waiting on the mod docs from CW, my Naca negotiator has said to give them 2 weeks from 12/30, she is going to contact them to find out where they docs are. However, I checked my online status at cw and it now says my mod has been approved as of 1/7. Gesh! the mod was actually approved on 12/10. 1st payment is due 2/09. Hang in there and wait is all I can do at this point, at least I am not dealing with calling CW and thier inept confusion, Hang in there guys and try Naca, thier restructures work, they just take time ( I think the biggest hold up is CW)

[Mickeyfickey]

Congrats! I am working w/ NACA also. What affordability number did you submit? How long did the process take?